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It appears that global economic leaders may finally be coming to the logical conclusion; monetary policy is not going to be enough to stimulate growth long term. Obviously there is a difference between credit expansion and productivity growth. The latter of which is the only way to promote long term sustainable growth. Structural changes would certainly include reforming entitlement programs. Other policy changes would be a reduction of corporate taxes in the US and policies that encourage innovation. I would submit that governments in developed countries are doing a very poor job of this. Rather, they are choosing the easy option of negative interest rates and quantitative easing. A good analogy would be that we are giving a drunk (consumer) a shot of whisky (easy credit) just to get him/her to shut up and go away. A better strategy would be rehab (structural changes). Yes it is more costly short term but long term it is a better option. I also cover some of this in my recent article Is A Bear Market Upon Us? It Depends On Where You Look . Within this article I cover CAPE ratios with respect to equity valuations and the commodity markets and what they have been telling us about the likelihood of a coming recession.
Also see the Reuters G20 article as well as the primer video How The Economic Machine Works by Ray Dalio which covers the debt cycle. Both do a good job of framing a discussion on credit expansion vs. productivity growth in the context of building a sustainable domestic and global economy.